Skip to main content
By

Budget funding, our biggest problem – Udoma

Funding is the greatest challenge the current administration is facing in implementing budgets, the Minister of Budget and National Planning Sen. Udoma Udo Udoma has said.
Speaking yesterday at the public presentation of the 2018 Appropriation Bill in Abuja, the minister told the stakeholders that the government is constrained in implementing key projects in the past due to the revenue shortfall.
“The primary problem of this country is revenue, what we have is revenue problem and that is why we are doing everything possible to increase our revenue collections.”
He said the federal government is expecting available revenue of N6.6 trillion for the year which is 30 per cent above the 2017 projection of  N5.0tr.
Udoma explained that the collection of the Value Added Tax (VAT) and Company Income Tax (CIT) will drop by 14 and 2 per cent respectively in 2018 compared to 2017.  He explained that in 2017 the government was able to collect the outstanding payments of the two taxes but there is no such provision in 2018 hence the reduction.
Majority of the of the projects in 2017 capital expenditure have to be rolled over to 2018 due to the paucity of fund, saying that 2017 capital budget was meant to be funded by loans from intentional development partners.
He said N450 billon released as at the 31st of October 2017 was only for the four month after passing the budget in May 2017.
 Minister of state for petroleum, Dr Ibe Kachukwu while fielding questions said FG will continue to explore oil in the Northeast because of its obligation to ensure that any part there is any visible sign of oil for exploration, it will follow through.
He noted that the contribution of oil to 2018 budgetary revenue expenditure expectation is almost 60%, “So a huge amount of responsibility still lies on oil.
Also the speaking, the Minister of finance Kemi Adeosun said issue of tax payer’s apathy must be addressed if the nation must move forward.
She said there are about 69million Nigerians currently working in one form of economic activity but only 14 million pay tax in the country.

Comments

Post a Comment

Popular posts from this blog

By
JAMB REGISTTRATION 2018 UTME/DE APPLICATION  2018 UTME BROCHURE CLICK HERE TO VIEW BROCHURE Applications are invited from suitably qualified candidates for admission to Tertiary Institutions in Nigeria for academic session beginning in 2018 2.0  SALE/REGISTRATION PERIOD 2.1 The period of sale/registration for all candidates (UTME/DE) including those from Foreign Countries th th is from 6 December, 2017 to 6 February, 2018 3.0  CENTRAL ADMISSIONS PROCESSING SYSTEM (CAPS) Download here...CENTRAL ADMISSIONS PROCESSING SYSTEM (CAPS) PRESENTATION SLIDES GENERAL ENTRY REQUIREMENTS 3.1 The general entry requirements for admission into the First Degree, National Diploma (ND), National Innovation Diploma (NID) and Nigeria Certificate in Education (NCE) programmes in Universities, other Degree-Awarding Institutions, Monotechnics, Polytechnics, Innovation Enterprise Institutions and Colleges of Education are five (5) O'Level Credit passes including Mathematics and English ...
Post a Comment
Read more

The world looks to America to defend press freedom

By
The world looks to America to defend press freedom The world looks to America to defend press freedom Joel Simon is executive director of the Committee to Protect Journalists. The views expressed in this commentary are his own. This is the next installment in the CNN Opinion series on the challenges facing the media, which is under attack from critics, governments and changing technology. (CNN) For a brief period, following more than four decades of military repression, Myanmar saw an explosion of independent media. Beginning in 2011, exiled journalists flooded back into the country and started new publications. They covered the news, criticized the government and contributed to a national debate. But when I visited the country in June as part of a delegation from the Committee to Protect Journalists, I observed serious backsliding. We met with the widow of a murdered journalist. We spoke with editors who told us they worried about going to jail. When we asked the g...
Post a Comment
Read more

Cambodia court orders main opposition party to dissolve

By
Cambodia court orders main opposition party to dissolve Cambodian police officials stand guard during a hearing in front of the Supreme Court building in Phnom Penh on November 16, 2017. Story highlights Cambodian leader Hun Sen has ruled the country for 32 years Chief Judge ruled against the CNRP after it failed to show up in court (CNN) Cambodia's Supreme Court court ordered the dissolution of the country's main opposition party Thursday, a move observers say marks another disturbing blow to democracy. In its ruling, the court banned more than 100 members of the Cambodia National Rescue Party (CNRP) from politics for five years for conspiring with foreigners to stage a revolution, effectively paving the way for longtime Prime Minister Hun Sen's governing Cambodian People's Party (CPP) to run unopposed in next year's national elections. The move drew swift condemnation from advocacy groups and the wider international community. ...
Post a Comment
Read more